Fuse Lending, the credit division of GCash, secured a prestigious accolade at The Asset’s Triple A Digital Awards in Hong Kong, highlighting the company’s commitment to financial inclusivity through innovative technology.
Recognized for its innovative approach to micro-lending, Fuse was awarded the Best Emerging Digital Technologies Award for its GLoan Sakto product, designed to provide Filipinos with easier access to credit. The service specifically targets individuals needing financial assistance for everyday needs or to bridge finances until their next paycheck.
GLoan Sakto, introduced in August 2023, allows GCash users to access small, interest-free loans ranging from Php100 to Php500. These loans come with repayment options of either 14 or 30 days and require only a minimal processing fee starting at Php6.50. Users can avail these loans seamlessly through the GCash app without a conventional loan application process, and the funds can be used directly at over 200,000 GCash partner merchants nationwide.
Tony Isidro, CEO of Fuse, expressed gratitude for the international recognition, stating, “We are honored to be recognized with a prestigious award, and this affirms our commitment to delivering financial inclusion for millions of Filipinos.” He highlighted that the aim of Fuse is to cater to the diverse financial needs of Filipinos, simplifying the borrowing process through digital solutions.
Fuse’s efforts are a part of GCash’s broader strategy to democratize financial services across various demographics, including underserved sectors such as women, farmers, and micro-enterprises. Isidro noted the significant impact of their services, “Research has shown that historically, only 2% of Filipinos have had access to credit. Our products and solutions are helping address the needs of Filipinos, no matter how small they may be.”
As of the end of 2023, Fuse has extended its lending services to over four million GCash users, disbursing more than Php118 billion in loans. Statistics reveal that 64% of these loans were granted to individuals from lower socio-economic backgrounds, with 55% of the borrowers being women and 60% young people, reflecting the company’s inclusive approach. Notably, two-thirds of the borrowers are located outside the National Capital Region, indicating a significant reach across the country.
GCash continues to enhance its suite of financial services, which includes GLoan, GCredit, GGives, GSakto Loans, and Borrow Load, aiming to bridge the financial gap for millions of Filipinos.
